Fixed Mortgage Rates Flat And Holding Near Historic Lows

Mortgage rates stayed more or less flat during the week ended Aug. 25, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.43%, unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 3.84%.

The average rate for a 15-year FRM was 2.74%, also unchanged from the previous week. A year ago at this time, the 15-year FRM averaged 3.06%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.75%, up slightly from 2.74%. A year ago, the five-year ARM averaged 2.90%.

“Treasury yields were little changed from the prior week, and the 30-year, fixed-rate mortgage held steady at 3.43 percent this week,” says Sean Becketti, chief economist for Freddie Mac, in a release. “This marks the ninth consecutive week that mortgage rates have been below 3.5 percent. Markets are erring on the side of caution ahead of the second estimate for second-quarter [gross domestic product] and Fed Chair Janet Yellen’s speech on Friday.”

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